Solar Shading Systems Market Expected to be the Fastest Growing Segment to Garner $21.34 bn by 2027

Rise in spending on home remodeling and retrofitting activities, expansion of living space and protection from sun, and requirement for beautification of the building drive the growth of the global solar shading systems market. However, unreliability about harsh weather conditions, expensive nature of pricing and installation of motorized solar shading system, and design restrictions for parts hinder the market growth. On the other hand, technological innovations in its mechanism and developments in fabric material present new opportunities in the coming years.

According to the report, the global solar shading systems industry generated $17.55 billion in 2019, and is expected to garner $21.34 billion by 2027, witnessing a CAGR of 3.9% from 2020 to 2027.

Individuals have become more focused toward lowering energy consumption. Hence, they have started to install motorized or fixed solar shading systems to keep their houses cool in summer. These solar shading systems serve as a profitable solution to avert harmful UV rays from damaging artwork, furniture, and floor in the residential and commercial spaces. A rise in demand for solar shading system installation in the residential and commercial sectors to intensify the use of available outdoor spaces is catering to the growth of the global solar shading system market.

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The development of the global solar shading system market is driven by advances in fabric material and the need for the beautification of commercial as well as residential buildings. In addition, the capability of solar shading systems can be used to surge the utilization of veranda, patio, and garden, which is anticipated to boost the growth of the solar shading system market. Furthermore, technical advances that include motorized and manual retraction mechanisms have led to the development of the market.

The blinds segment to maintain its leadership status during the forecast period

Based on product type, the blinds segment accounted for the highest share in 2019, contributing to more than two-fifths of the global solar shading systems market, and is projected to maintain its leadership status during the forecast period. This is due to the launch of innovative and state-of-the-art solar blinds by prominent vendors. However, the louvers segment is projected to grow at the fastest CAGR of 4.6% from 2020 to 2027, owing to various advantages offered by louvers as compared to other solar shades such as greater comfort for occupants, minimizing energy costs, reduction in cooling loads, and enhancing the building's architectural appearance.

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The motorized segment to continue its dominant share during the forecast period

Based on mechanism, the motorized segment accounted for the largest market share, holding around two-fifths of the global solar shading systems market in 2019, and will continue its dominant share in terms of revenue during the forecast period. Moreover, this segment is expected to maintain the highest CAGR of 4.6% from 2020 to 2027. This is attributed to rise in demand for motorized solar shading systems from the commercial sector along with increase in awareness for energy savings and automation among customers. The report offers a detailed analysis of segments including fixed and manual.

North America to maintain its leadership status by 2027

Based on region, North America accounted for the highest market share in 2019, contributing to more than two-fifths of the global solar shading systems market, and will maintain its leadership status by 2027. This is attributed to surge in preference of end-users toward energy savings and solar protection along with focus of prominent vendors on developing advanced solar shading systems.
However, Asia-Pacific is projected to witness the highest CAGR of 4.9% during the forecast period, owing to rise in demand from the real estate and commercial sectors in emerging economies such as India and China.

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Top Players:
The key market players profiled in the report of the global solar shading systems market include Duco Ventilation & Sun Control, Glasscon GmbH, Hunter Douglas, Insolroll, Kawneer, Lutron, Skyco Shading Systems, Inc., Springs Window Fashions, Unicel Architectural, and WAREMA Nederland B.V.

Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging market trends and dynamics.
• By product type, the blinds segment registered the highest revenue in the solar shading systems market in 2019.
• Depending on the material, the metal segment dominated the solar shading systems market, in terms of revenue in 2019.
• By mechanism, the motorized segment registered the highest revenue in the solar shading systems market in 2019.
• Asia-Pacific is projected to register the highest growth rate during the study period.
• North America accounted for over 41.2% of the share of the global solar shading systems market in 2019.
• The key players within the market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the solar shading systems industry.

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